Kotak Mahindra Bank offers home loans @6.65 | Fusion - WeRIndia

Now many banks offer different loans at low interest rates. Kotak Mahindra Bank yesterday announced the lowest interest rate of 6.65 per cent on home loans.

Here is a list of features and details of the home loan of Kotak Mahindra Bank:

• The interest rate starts from 6.65 per cent per annum on both home loans and balance transfer loans. However, the interest rate depends upon the credit score of the borrower.
• Customers can easily apply for a home loan online by filling in their details in the form. Home loan is sanctioned quickly. The loan is even sanctioned within 24 hours (terms and conditions apply).
• The bank ensures a paperless process to the maximum possible extent.
• The bank changes 0.25 to 0.50 plus GST of the loan amount for salaried and self-employed individuals. Besides, customers have to pay statutory dues. However, the bank claims there is zero processing fee for online applicants.
• The minimum age to obtain a home loan is 18 years. The maximum age is 60 years for salaried individuals and 65 years for self-employed.
• The minimum income should be ₹20,000 per month in all metro cities. In non-metro cities, it should be ₹15,000.
• The loan amount depends on your annual income, incomes sources, credit and savings history, work experience, educational qualifications, age and number of dependents, and future plans.
• Salaried individuals should have to submit their salary slips for the last three months, bank account statement for the last six months, Form 16 and income returns for the last two years, details of existing loans, if any, Id and address proof along with all property documents.
• Borrowers, especially self-employed professionals should have to submit their graduation certificate also to get a home loan. Besides, they have to submit the bank account statement for the last 12 months and ITR for the last three years. They should submit age proof and address proof along with property documents. For other details, visit Kotak bank’s website.

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